When someone starts their own business, they are looking for ways to develop the company into a successful brand. Even if you do research or ask an expert, you will see that the most important component of a successful business is branding.
Branding is a term that is not uncommon. But when it comes to the actual implementation, one may ask what it is. First, you have to ask what type of business you are running. You may be a real estate developer with multiple projects across different countries. You can also be the owner of a product-based company selling, for instance, watches or floor mats. So your product or service may differ based on your company’s vision.
But when it comes to branding, it is important to know the type of product or service that you are selling. You have to understand that branding is of various types. You have to make sure to choose the right branding which will help your business to grow and thrive. Branding strategies are endless. For example, logos are one of the most important branding strategies. There are many more. You as a business owner must make sure that our strategy works best in making you stand out in the competition. If you are new to the scope of business and branding, we have broken down some of the most typically sought-after branding strategies for your convenience.
Corporate Branding
This is a reputation-oriented branding strategy. This type of branding aims at making a cultivated name for the entire company. This way, you give your audience something that they associate with your company. With a positive performance graph, they are quite effective in the industrial scope. If somebody applies good corporate branding, they will benefit in the long run. When the audience already recognizes a brand, they will also show interest in any new product launches from their previous experience with the company.
Personal Branding
This means branding for an independent business owner or a creator and not the whole business. These work great for politicians, digital marketers, celebrities, content creators, influencers who are trying to build a positive image before the public. In this regard, social media is a powerful tool. It allows them to reach out to the global audience through one platform. Creating an online presence is crucial in building a brand name.
Product Branding
If you follow pop culture, you will see that there are many brand names that have become synonymous with their products. For example, we refer to chocolates as Cadbury where the latter is actually the brand name. This is the finest example of extremely successful product branding. If the brand name is established in the market, the audience will automatically choose their products over other brands. They associate the brand and the product together which makes them reach out to their business time and again.
Geographical Branding
This works especially if you have business in the tourism sector. It focuses on the uniqueness of a specific region that becomes the selling point. Many countries associate their image before the world with a specific history or food. The Egyptian pyramids, for example, are synonymous with the country. If a tourist spot wants to build its reputation before the public, this type of branding is effective. A great example is Amsterdam rebranding the city as I Amsterdam. This changes the stereotype of the city before the global public from their red light district to other important cultural hubs in the city.
Online Branding
This is also called internet branding. It means building a brand name of a company or an individual venture on the online platform. His can be done through websites, social media marketing, content marketing through blogs, or anything on the internet with the company name in the middle.
Offline Branding
This type of branding takes place off the web. This is achieved through sending out invites or business cards, organizing corporate luncheons, etc. To implement successful offline branding, one must have very good interpersonal skills.
Co-branding
Successful branding can be achieved through partnerships. It is when two or more companies come together as brands that are connected by a similar product or service. An example of co-branding is between Spotify and Uber in their ‘soundtrack for your ride’ campaign.
Service Branding
This puts importance on the customer and the services they are provided. All companies aim at delivering the best for their customers. But this type of branding takes the strategy one step ahead. It adds value to the customer’s demands through their services and by using the same as a potential selling point. Many service brands avail this type of strategy that always look for the additional marketing edge in their journey.
Ingredient Branding
Highlighting a key ingredient or component of a product is known as ingredient branding. It is portrayed as a specific feature that attracts audiences. It can be the quality of a product or its components, innovation, or anything else that makes it stand out from the rest.
Activist Branding
Also known as conscious branding, this helps in establishing a positive impact in society through the brand. If successful, the cause and the brand become synonymous.
No-brand Branding
This is also called minimalist branding. This aims at attracting the audience's attention through a specific product or service without relying on any other additional components of branding. Some companies market their products as something that is not expensive or ‘branded’. This way they get the attention of the audience through a different approach.
Conclusion
Branding is essential when it comes to the success of a business. With the different types of branding, many companies have reached their full potential in delivering their views and visions to the public. Branding is a part of marketing. At the same time, it is a tool in itself that helps businesses make their names familiar before the audience. It is not only a part of business planning, but the straight branding strategy can actually change the fate of the company. For example, if a company is at a loss, successful branding can change its image in the market. A business also has to make sure of the type of audience that they are dealing with. Branding mechanisms often differ based on demographics and public demands. However, your aim is to make your company’s name stand out in the competition. Even if you are sure about your quality of products, branding cannot be undermined. It is one of the major factors that helped product companies to flourish over the years.
